Location: Rockbridge County-Buena Vista city-Lexington city, VA | Metro: Rockbridge County-Buena Vista city-Lexington city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP code 24415 is based on the significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR stands at $950. However, the market rent for the area is currently not available, which makes it challenging to provide a precise percentage gap.
In the absence of specific market rent data, let's assume that the market rent exceeds the FMR. This scenario would mean that landlords accepting Section 8 housing vouchers could be renting their properties below the open-market rate. The cost of housing voucher tenants below market rates can be analyzed through the lens of opportunity cost. Landlords might miss out on higher rental income if the market rent were indeed above $950. Additionally, there are potential administrative costs associated with managing voucher tenants, including documentation and compliance with HUD regulations.
The ZIP code 24415 has a unique context where 0.0% of the population are renters, indicating that homeownership is prevalent. The median home value and median income figures are also not available, which suggests that the area might have a strong preference for owner-occupied homes over rentals. This could further complicate the attractiveness of Section 8 properties to landlords who might prefer to target the homeowner market.
To summarize, without specific market rent data, it's difficult to quantify the exact financial impact of the FMR being set at $950. However, it is clear that if the market rent is higher, landlords would be foregoing additional income by opting into the Section 8 program. Conversely, if the market rent is lower, the program could still be viable but would require careful consideration of the local housing dynamics and landlord preferences.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.